In an effort to bring ANY $ in to help cover the mortgage ($4600 including taxes and insurance), I put together an AirBnB site for the property and set it live, with zero expectation.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases.

My father didn’t have a will, which has complicated everything, including forcing the sale of property.

Before listing it, I had lots of expenses, including painting, floor refinishing, plumbing repairs, staging, cleaning, etc.In a 1031 exchange, I purchased two small multifamily homes which also have some roof work, painting, plumbing, etc. 

I've been looking to branch out to a few different areas on the East Coast that would necessitate a property manager but Texas and its heavy investment in business, including the major tech investments in the works around Sherman are very intriguing.

We ask for 30 days notice and include that in our lease agreement but understand and are flexible with tenants so long as they are respectful and cooperative.

You only need to get around 4-5% when you include leverage to equal those returns you cited and then factor in tax advantages and you are exceeding those returns. 

Key risks include vacancy timeline, tenant profile, buildout costs, market trends, interest rate, financing, and repositioning.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

Market rent was about $3,300 at the time, but we agreed to a $5,000/month rent that includes $1,000 rent credit (which was stated on the option contract, not the lease contract).